Brussels: European Union spending on fossil fuel imports has increased by more than 22 billion euros ($25.7 billion) since the outbreak of conflict in the Middle East 44 days ago, European Commission President Ursula von der Leyen said on Monday. Speaking to Deutsche Welle, von der Leyen highlighted the profound economic consequences of the regional instability, stating that the figures demonstrate the massive impact the crisis is having on the European economy. She urged member states to coordinate efforts to mitigate the financial fallout resulting from the war.
According to Jordan News Agency, the Commission President announced that a suite of measures will be presented next week ahead of an EU leaders' summit in Cyprus. These proposals will include a new strategy for the electricity sector aimed at reducing market volatility.
"We are paying a very high price for our excessive reliance on fossil fuels," von der Leyen said. She emphasized that the current economic pressure necessitates an accelerated expansion of renewable and nuclear energy sources across the bloc to ensure long-term energy security and price stability.